Cadence Design Systems (NASDAQ:CDNS) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Wednesday, January 10th.
Several other research analysts have also recently issued reports on CDNS. Royal Bank of Canada increased their target price on shares of Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 11th. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. DA Davidson raised their price target on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, November 1st. Finally, KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $44.20.
Cadence Design Systems (NASDAQ CDNS) traded down $2.65 during mid-day trading on Wednesday, reaching $42.21. 7,208,796 shares of the company traded hands, compared to its average volume of 2,169,918. The stock has a market cap of $12,418.19, a P/E ratio of 45.39, a PEG ratio of 3.60 and a beta of 0.94. Cadence Design Systems has a 52 week low of $26.14 and a 52 week high of $46.00. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company had revenue of $501.70 million for the quarter, compared to the consensus estimate of $496.20 million. During the same quarter last year, the firm posted $0.34 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year. analysts predict that Cadence Design Systems will post 1.06 earnings per share for the current fiscal year.
In other Cadence Design Systems news, President Anirudh Devgan sold 44,526 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total transaction of $2,004,115.26. Following the completion of the transaction, the president now directly owns 377,019 shares of the company’s stock, valued at approximately $16,969,625.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lip Bu Tan sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $44.69, for a total transaction of $1,117,250.00. Following the transaction, the chief executive officer now directly owns 458,333 shares of the company’s stock, valued at $20,482,901.77. The disclosure for this sale can be found here. Insiders sold a total of 332,500 shares of company stock valued at $14,664,308 over the last quarter. 2.55% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of CDNS. Cerebellum GP LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $123,000. Commonwealth Bank of Australia increased its holdings in shares of Cadence Design Systems by 36.6% during the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,300 shares in the last quarter. Advisor Group Inc. increased its holdings in shares of Cadence Design Systems by 151.4% during the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after purchasing an additional 2,505 shares in the last quarter. Dupont Capital Management Corp purchased a new position in shares of Cadence Design Systems during the 3rd quarter valued at approximately $170,000. Finally, Parkwood LLC purchased a new position in shares of Cadence Design Systems during the 3rd quarter valued at approximately $201,000. 84.47% of the stock is owned by hedge funds and other institutional investors.
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Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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